XIAOMI(HK:01810) Sou Hu Cai Jing·2025-12-01 09:46Core Viewpoint - Xiaomi emphasizes its commitment to technology, having invested over 100 billion RMB in R&D over the past five years, with plans to invest more than 200 billion RMB in the next five years [1] Group 1: R&D Investment - In Q3 2025, Xiaomi's R&D expenditure reached 9.1 billion RMB, representing a year-on-year increase of 52.1% [2] - Cumulatively, Xiaomi's R&D investment for the first three quarters amounted to 23.5 billion RMB [2] - The total number of R&D personnel has reached a record high of 24,871 [2] Group 2: Technological Innovations - Xiaomi has achieved significant technological innovations, including the launch of the Xiaomi MiMo-Audio voice open-source model [2] - The company introduced an open-source smart home solution called Xiaomi Miloco [2] - Xiaomi is exploring a whole-home smart living experience driven by large models [2]